Partnerships / Acquisitions

Societe Generale And American Express Ink Sub-Saharan Africa Deal

Societe Generale announced Wednesday (Nov. 30) that it has inked a merchant acquiring partnership with Amex that spans eight countries in sub-Saharan Africa.

In a press release, the bank said the countries that are part of the partnership include Benin, Burkina Faso, Cameroon, Chad, Guinea, Ivory Coast, Madagascar and Senegal. The agreement between the two includes online sales and point-of-sale payments via electronic payment terminals. With the deal, any retailer that wants to accept payments from American Express cardmembers can sign a contract with Societe Generale.

Societe Generale Group said the deal with Amex presents an opportunity for it to be more competitive and to grow its presence in sub-Saharan Africa. Societe Generale des Banques en Côte d’Ivoire (SGBCI), Societe Generale’s subsidiary in Ivory Coast, is the first to offer the service in the region. It will be rolled out in the seven other countries before the end this year.

“We are pleased to enter into this agreement to offer merchants in West Africa the ability to accept American Express. It will allow us to better serve our clients, as well as acquiring new corporate customers, and it will also strengthen the bank’s footprint in the region,” said Alexandre Maymat, head of the Africa region at Societe Generale.

Meanwhile, Andrew Stewart, VP and general manager of bank partnerships at American Express, said in the press release the new partnership will grow American Express’ merchant network in sub-Saharan Africa and will benefit American Express cardmembers in Africa, as well as those visiting the continent. “Sub-Saharan Africa has high potential for economic growth, and this new partnership presents a number of unique and exciting growth opportunities,” he said.

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